Good News For First Time Buyers House Prices Continue To Fall

Updated : Aug 5, 2009

Another month of property price drops right across the board. Any signs that the bottom of the market is at hand have not yet registered in MyHat.ie’s monitoring of asking prices.

The overall average drop in asking prices for the month was down on recent months, but we have seen fluctuations in the rate of change over time before and so it is too early to say if there is a slow down in the rate of deflation.

Dublin –
The average asking price for a 3-bed semi-detached property in Dublin in July was €392,851
= 1 per cent down on the previous month, and a massive 12 per cent down for the year so far, and 18 per cent down on July 2008, when the average stood at €478,523.

Going on asking prices, the peak for the Dublin market was seen in mid-2007, reaching just over €510,000 for 3-bed semi-detached properties. That equates to a 23 per cent drop to date from the peak.

Since then, MyHat.ie has registered drops every month, bar two, in the asking prices for 3-bed semi properties in Dublin. Recent drops of between 1.5 and 2.5 per cent each month suggest that the bottom has still not yet been reached.

Cork
The average advertised price for 3-bed townhouses (semi-detached plus terraced) in Cork City for July was €293,617
= 2 per cent down on previous month, a 6.5 per cent drop to date this year, and 12 per cent down on July last year, and about 18 per cent down from the peak average of about €362,000.

June saw the biggest percentage fall yet in monthly asking prices, more than doubling on the previous months in 2009.

Galway
In Galway city, asking prices for 3-bed townhouses averaged out at €265,646 for July, only marginally down in the month, a massive 13 per cent drop in 2009 already, and down 15 per cent on July 2008 when the average was €314,482. The peak asking price in mid-2007 reached nearly €335,000, so we’re down nearly 21% since then.

Limerick
The average asking price for a 3-bed in Limerick city in July was €222,176 only marginally down on the previous month; a 8 per cent drop so far this year, and an 11 per cent drop on July 2008, when the average stood at €250,870.